I don't know how Canada works, but here in MA, you'd be looking at $3500/mo after taxes assuming you claim 0 allowances on your W4 (since you're 22 you wouldn't need to pay for health insurance here either - you can stay on your parents plan).

Let's say you pay $1000/mo for your M3. That still leaves you plenty of money for insurance and gas. You'll get a 50,000 mile warranty and free oil changes and brake jobs from BMW so the expensive repairs argument is moot. Assuming you don't go clubbing every weekend, you'll still be able to put away money every month into savings.

$60k for a 22 year old is a respectable salary. The only kids I knew getting that out of school were BSEE or Finance/Accounting majors, so kuddos to you.

Unless you work for an unstable company or that $60k is commission, I say do it.

PS: If you're smooth talker you won't have to worry about bringing girls back to mom's crib; they will invite you back to their's

Why are you all so up in arms,advice the young to go buy it,tell them its the best car on the planet so that it will drive up the resale value.
when it comes time to sell we reap in the cash and it takes less time to sell too,since it would be in so high of a demand with all the kids after used v8 m3,

I have no desire to move out yet, so I've got the next 3 or so years to get the ball rolling on my own place.

The M3 is a splurge I may not deserve at this point, but given my particular situation, is it doable? I have a deep love for cars and I feel like owning an M3, especially this particular generation, would be something I would look back on in a few decades with a huge smile.

I always feel inadequate reading these threads, with the, '$60,000/year is respectable...for a 22 year old' posts. It seems the majority of members here were self made millionaires by their mid 20's.

I said that cause I was making literally half that when I graduated (at 23). I drove a 10 year old Subaru that I got from my mom when she bought a new Mazda an I was thrilled just to not have to make car payments.

Didn't mean to sound like a snob - was just giving the OP props since us Psychology majors don't make sh*t in our early 20's

I said that cause I was making literally half that when I graduated (at 23). I drove a 10 year old Subaru that I got from my mom when she bought a new Mazda an I was thrilled just to not have to make car payments.

Didn't mean to sound like a snob - was just giving the OP props since us Psychology majors don't make sh*t in our early 20's

Keep polishing your pinky ring. One day someone will notice you

Quote:

Originally Posted by spyderco10

I always feel inadequate reading these threads, with the, '$60,000/year is respectable...for a 22 year old' posts. It seems the majority of members here were self made millionaires by their mid 20's.

No reason to feel inadequate! Everyone knows who the heavy hitters are on the board. Those who make it a point to mention how much they make or are worth are the inadequate.